Suncor Energy (SU) has reported that its fourth-quarter profits rose 76% to $2.74 billion and announced that it is lifting its quarterly dividend by 11% to $0.52 a share.
The Calgary-based energy company said its Q4 profit increased from the $1.55 billion earned in the same period of 2021 due to higher prices for crude and refined oil products.
Suncor reported that its earnings amounted to $1.81 per share, compared to $0.89 a share a year ago.
The company said that its upstream production increased to 763,100 barrels of oil equivalent per day (boe/d) in Q4 2022, compared to 743,300 boe/d a year earlier.
Suncor's crude oil production totaled 440,000 barrels per day and its refinery utilization rate was 94% in Q4 2022, compared to 447,000 bbls/d and a 96% utilization rate a year earlier.
Along with its earnings, Suncor announced that it is increasing its quarterly dividend payment to $0.52 a share, up 11% from $0.47 previously. Suncor’s dividend yield now stands at 6%.
Suncor’s stock has gained 25% in the last 12 months to trade at $46.38 per share.
